NEW!Incredible offer for our exclusive subscribers! Read More
Altcoins

Ripple's Q1 report: Number of XRP whales increased despite lawsuit carousel

1 Mins read

Despite Ripple facing a lawsuit from the Securities Exchange Commission, the company has reported a surge in the number of XRP whale wallets.

cryptonews.net

Ripple’s Q1 2021 report published on may 6th notes that during the quarter, the number of XRP whales surged 3.5% from 308 to 319. The wallets are holding at least 10 million XRP. Elsewhere, wallets holding between 1 million to 10 million XRP also increased from 1,125 to 1,196.

XRP whales’ wallets. Ripple’s Q1 report’s data.

In the report, Ripple acknowledged that the entry of institutional investors had had a significant impact on the cryptocurrency with investors accumulating more of XRP amid the rally. Following the institutional uptake, open interest in XRP futures doubled from $250M to $500M during the quarter.

Ripple legal woes with SEC

The growth in whales is an indicator that investors might not be swayed by the lawsuit. Ripple is currently in a legal tussle with SEC over allegations that the company violated investor protection laws when it sold XRP.

In December 2020, SEC sued Ripple, its Chief Executive, Brad Garlinghouse, and its founder, Chris Larsen, for engaging in an unregistered securities offering by selling XRP.

Many analysts view the legal tussle as a key indicator of how the SEC will regulate cryptocurrencies.

Following the lawsuit, the price of XRP, which was the third-largest cryptocurrency by market capitalization, plunged 60%, temporarily losing its position to Litecoin. Furthermore, U.S. crypto exchanges reacted by delisting XRP.

The lawsuits also led to Ripple losing some key partnerships. During the quarter, money-transfer firm MoneyGram International terminated its partnership with the company. However, Ripple acquired 40% of Asia’s cross-border payments firm, Tranglo.

Following the spike in the value of meme-inspired dogecoin, XRP now ranks as the fifth-largest cryptocurrency with a market cap of $72.6 billion.

Related posts
AltcoinsBTCCryptoETH

Beecrypt deposits and withdrawals of USD Coin (USDC) in the Stellar network.

1 Mins read
We are pleased to announce the opening of access to deposits and withdrawals of USD Coin (USDC) in the Stellar network. Stellar…
AltcoinsBTCCryptoETHMiningStock

Cryptexby cryptocurrency exchanger received licenses in Dubai

1 Mins read
Cryptexby.com , the largest cryptocurrency trading platform, continues to expand its global presence with new licenses in New Zealand and the United…
AltcoinsBTCCryptoOther

Beecrypt.net – business license for the use of crypto

1 Mins read
Firstly Beecrypt.net business license for the use of cryptocurrencies with a long list of conditions. It was release in New York 2020 The…
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *